After three days of declines, Arabica Coffee is up $1.5 today

After closing the previous trading day at $177.1, ICE Coffee is up to $178.6 per pound, which makes for a move of 0.85%/$1.5 today.

Coffee is currently trading at $178.6 following the release of JOLTs Job Openings (Apr) data from the United States.

This move comes while some more positive signs for Arabica Coffee are out as data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.

At the same time, United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 5.20 million, while the previous figure was -6.80 million.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that ICE Coffee's lower Bollinger Band® is at $178.32, indicating that the market is oversold and fertile for new buyers.

With market volatility ebbing, the current technical outlook indicates ICE Coffee will remain range-bound for the immediate future.

Though Coffee is going up, other Softs are underperforming — after ending today's session at $25.33, Sugar lost 29 cents and is trading around $25.04. Cotton is down to $83.59, losing 41 cents, after closing at $84 in the preceding trading session.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Also worthy of note, tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.

The commodity has been trending lower for about a month. Arabica Coffee reached a significant high of $243.4 around 9 months ago but has lost 27.24% since then.